Penney reports massive losses

NEW YORK -- J.C. Penney is reporting massive losses and plunging sales for its fiscal fourth-quarter as the department store chain's plan to scale back most coupons and sales events has continued to turn off shoppers.The results mark a full year of massive losses under CEO Ron Johnson, who took on the role in November 2011 to overhaul every aspect of Penney's business.The company, based in Plano, Tex., says it lost $552 million, or $2.51 per share, for the period ended Feb. 2. That compares with a loss of $87 million, or 41 cents per share in the year-ago period.Revenue dropped 28.4 percent to $3.88 billion.Analysts were expecting a loss of 23 cents on revenue of $4.08 billion.Revenue at stores opened at least a year dropped 31.7 percent.

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